💊 Synthimed Labs Eyes $250 Million Fundraise; IndiaRF Seeks to Unlock Value in API Maker

🔹 Deal Structure & Valuation: IndiaRF has initiated a formal process to divest a minority stake in Synthimed Labs. The company is targeting a valuation of up to ₹9,000 crore (≈$1 billion), based on: Projected FY26 EBITDA: ₹600 crore Valuation multiple: ~15x EBITDA Even if bids come in at 12–13x, the deal could still be worth ₹7,200–₹7,800 crore ($818–$887 million). 🔹 Background: In September 2023, Synthimed Labs acquired the API, intermediates, and CRAMs (Contract Research & Manufacturing Services) business of Ind-Swift Laboratories for ₹1,650 crore. At that time, Ind-Swift reported FY23 revenue of ₹1,207 crore and EBITDA of ₹256 crore. Teasers have already been circulated among private equity players, and interest levels are reportedly strong. 🔹 About Synthimed Labs: Headquarters: Chandigarh CEO: Kacharu Toshniwal (ex-Zydus Lifesciences, appointed May 2024) Facilities: 3 manufacturing sites — Punjab and Jammu Markets Served: USFDA, EDQM, PMDA, ANVISA, EU-GMP, WHO, etc. Therapeutic Segments: Cardiovascular, antidiabetic, antipsychotic, antimigraine, oncology, Parkinson’s, ADHD, analgesics, and more. Holds global leadership in the macrolide antibiotic category. 🔹 About India Resurgence Fund (IndiaRF): A $629 million special situations platform jointly managed by Piramal Group and Bain Capital Special Situations. Focus: Control investments in stressed or under-capitalized mid-market companies across sectors. Currently raising IndiaRF Fund II for new opportunities. Portfolio: Healthcare: Livasa Hospitals Infrastructure: Thrissur Expressway Ltd. Auto: Setco Automotive F&B: Impressario Entertainment (brands like SOCIAL, Smoke House Deli, Mocha) Cement: Recently announced investment in Shree Digvijay Cement (True North-backed). #SynthimedLabs #IndiaRF #PiramalGroup #BainCapital #APISector #PharmaIndia #PrivateEquity #Fundraise #IndiaBusiness #ChinaPlusOne #Pharmaceuticals #MergersAndAcquisitions #Moneycontrol